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Published on 25/06/2020 1:28:34 PM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Nickel, Silver and Zinc Commodity Report Of 25/06/2020 By Enrich Commodities

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Copper

Technical outlook

Copper July daily chart has formed "Symmetrical triangle" pattern. The last few sessions ended up in sideways mode along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same breaks below a key support holding at 451.50. The downside rally could be testing all the way through 448-446 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. Key resistance holds at 454.50.

Technical Chart

 

Natural Gas

Technical outlook

Natural gas 4hr chart has formed “Falling channel” pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the price action, once the same breaks below a key support holding at 122. The downside rally could be testing all the way through 119-117 levels in the upcoming sessions. Alternatively, if the market struggles to break below support, then it might retest the same and turn bullish/sideways once again. Key resistance holds at 130.

Technical Chart

 

Nickel

Technical outlook

Nickel July daily Chart has formed "Rising channel" pattern. The last few sessions been in sideways trend along with some corrections inside the channel. The market is expected to continue on the bearish term based on the current price action, once the same breaks below a key support holding at 952. The downside rally could be testing all the way up to 944-936 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish/sideways mode. Key resistance holds at 980.

Technical Chart

 

Silver

Technical outlook

MCX Silver July futures technical chart has taken the formation of "Descending triangle" pattern in 4hr time frame. Last few sessions ended up in sideways mode, retesting near the channel’s support line. The market is expected to continue on bearish momentum, once the prices breaks below a key support area holding near 47650. The negative rally could be extending all the way up to 47250-46900 levels in the upcoming sessions. An alternative scenario indicates that if the support holds strong then the market might retest the same and revise the trend to bullish/sideways mode. Key resistance holds at 48900.

Technical Chart

 

Zinc

Technical outlook

Zinc June 4hr Chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up in sideways trend after retesting the channel support line. The market is expected to continue on the bearish term based on the current price action, once the same breaks below a key support holding near 161. The downside rally could be testing all the way up to 159.50-158 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish/sideways mode. Key resistance holds at 163.

Technical Chart

 

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